Describe a situation where a project you were managing failed. What did you learn about this failure, and were you able to salvage or turn it around?

"I was a consultant managing a project with five other team members, and our goal was to develop a loan application app to qualify a buyer for a mortgage. I noticed that we were not able to meet deadlines or present mock designs of the app when the client requested it. I later found several flaws in our methodology and approach which led to delays and cost over-runs. I had to take a step back a re-evaluate exactly what went wrong, and quickly make corrections. Here's what I did to turn it around, and the educational journey it took me through.

1.)Take a step back and evaluate how you arrived at this point
2.)Temporarily stop the project
3.)Figure out why the project is failing
4.)Set up a turn-around (war) room
5.)Draft an agenda to go over findings, from quantitative reports to team member interviews
6.)Re-assignment of team member tasks and roles
7.)Gather all notes and project collateral
8.)Set clear objectives, and ask each team member to provide you a work list with specific tasks they are responsible for on the project, and their understanding of the team goals"